OUR PARTNERS - Building Linkages, Leveraging Partnerships
Box Story 8 - Seventh International Advisory Panel Meeting 47
Opening of Singapore Exchange Beijing Representative Office 48
ABS BCM Standing Committee 49
Building a World Class Talent Pool for Singapore's Financial Sector 50
Attracting Financial Talent 50
Box Story 9 - Finance Scholarship Programme and Doctorate Scholarship Programme 51
Educating Consumers to Beware of Bogus Investment Opportunities and Scams 52
Box Story 10 - Skit- Money Got Enough! 53
FIDReC-NIMA Scheme 53
Box Story 11 - Marina Bay Business and Financial Centre 54
Financial Conferences And Events 55

ABS BCM Standing Committee

OCBC CEO David Conner, MAS Deputy Managing Director Teo Swee Lian, and UOB Chairman Wee Cho Yaw at the ABS Annual General Meeting 2007.

MAS works closely with the Association of Banks in Singapore (ABS) to maintain high regulatory standards while facilitating development and innovation in the banking and financial services sector in Singapore.

While individual financial institutions have business continuity plans to ensure critical operations continue to function during major disruptions, the industry has also been collectively strengthening the business continuity preparedness of the sector as a whole.

Established in 2004, the Association of Banks in Singapore Business Continuity Management Standing Committee (Committee) provides a forum for member banks to share information and co-ordinate efforts on disaster recovery, business continuity and crisis management on an industry-wide basis.

Working groups were set up under the Committee to look into specific business continuity issues. For example, the working group on the preparedness against risk of influenza pandemic conducted an industry survey to ascertain the level of pandemic preparedness and issued business continuity practice guidelines to mitigate the risk and impact of an influenza pandemic. Another working group on the preparedness against security threats is developing good practices to mitigate security threats and planning for an industry-wide crisis communication exercise. MAS is represented in the Committee and the working groups. Where relevant, representatives from the capital markets and insurance sectors would be co-opted into the working groups. The next Industry-wide Business Continuity Exercise (IWE), with an influenza pandemic theme, will be conducted in the later half of 2008.

In addition, the Committee conducts regular workshops and seminars to share information and raise awareness of BCM matters, as well as training courses to upgrade BCM-related skill sets within the financial sector. A BCM Outreach Programme on Influenza Pandemic and Security Response was jointly organised by ABS and MAS on 8 May 2007. Representatives from the Ministry of Health and the UK Financial Services Authority (FSA) were invited to provide a medical update on a possible influenza pandemic and share lessons learnt from the UK Financial Sector Market Wide Influenza Pandemic Exercise, respectively. Representatives from Singapore Police Force and Singapore Civil Defence Force also spoke on the authorities' response plans during a major crisis so as to facilitate the alignment of financial institutions' plans with those of government agencies.